Harris overtakes Trump by 8% in support; crypto market faces new wave of regulatory pressure
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Harris overtakes Trump by 8% in support; crypto market faces new wave of regulatory pressure
Harris has selected Brian Deese and Bharat Ramamurti to join her advisory team, both of whom are unfriendly toward cryptocurrency. If she ultimately wins, it may disappoint those in the crypto community.
Navigating Web3 tides with focused insightsAuthor: Zhang Joy, BlockTempo
According to the latest data from Polymarket, U.S. Vice President Kamala Harris has overtaken former President Trump in support for the 2024 presidential election. Her approval rating has surged from an early 33% to a historic high of 53% at the time of writing.
On another smaller betting market, the probability of Harris ultimately winning the election has reached as high as 77%, while Trump's has dropped to 22%. The Democratic Party, previously dominated by Trump, now appears to be gaining momentum.
Analyst: Harris Will Continue Biden’s Crypto Regulatory Crackdown
The upcoming U.S. election in November is drawing significant attention from the crypto community, as this is the first time cryptocurrencies have become a major topic in a presidential campaign. Republican candidate and former President Donald Trump has repeatedly voiced strong support for cryptocurrencies, raising hopes that he could shift away from the Biden administration's stance and introduce more favorable regulatory policies.
But what about Kamala Harris, the Democratic Party's new nominee—what is her position on crypto?
In response, Alex Thorn, Head of Research at Galaxy Research, posted an analysis on social platform X late yesterday (Aug. 13), stating there is evidence that Harris and her advisory team will maintain the Biden administration's approach toward cryptocurrency:
"New evidence suggests Harris will continue cracking down on crypto. Her choice of advisors indicates she will carry forward Biden’s hostile stance toward digital assets, as Harris is collaborating with two key officials from the Biden administration who are strongly opposed to crypto: Brian Deese and Bharat Ramamurti."
To support his argument, Alex Thorn detailed key evidence of Brian Deese and Bharat Ramamurti's opposition to crypto. He pointed out that as early as January 2023, Brian Deese authored an article that ostensibly supported innovation but effectively labeled cryptocurrency as "fraudulent" and "risky."
As for Bharat Ramamurti, he has long worked alongside Senator Elizabeth Warren—one of crypto's most vocal critics—and provided economic policy advice to her.
Meanwhile, Fortune magazine has even dubbed Bharat Ramamurti "the White House’s top crypto critic."
Moreover, both Brian Deese and Bharat Ramamurti have influenced the U.S. stablecoin legislation, advocating for comprehensive regulation of stablecoins by the Federal Reserve and traditional banks…
In summary, multiple pieces of evidence suggest that Brian Deese and Bharat Ramamurti are deeply skeptical of cryptocurrencies. Harris choosing them for her advisory team may signal disappointment for the crypto community if she ultimately wins the election.
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